Derivative Instruments (Tables)

6 Months Ended

Mar. 31, 2021

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Notional Amounts of Outstanding Derivative Positions

The following table summarizes the open financial derivative positions as of March 31, 2021, related to crude oil and natural gas production.

		Weighted Average Price
Calendar Quarter	Notional Volume	Fixed		Put		Call
		($ per unit)
Crude Oil Swaps (Bbl)
Q2 2021	527,768	$	51.38	$	—	$	—
Q3 2021	564,278	$	51.57	$	—	$	—
Q4 2021	558,116	$	51.65	$	—	$	—
2022	960,000	$	51.05	$	—	$	—
2023	30,000	$	52.11	$	—	$	—
Natural Gas Swaps (Mcf)
Q2 2021	450,000	$	2.97	$	—	$	—
Q3 2021	450,000	$	2.97	$	—	$	—
Q4 2021	450,000	$	2.97	$	—	$	—
Crude Oil Collars (Bbl)
2022	360,000	$	—	$	35.00	$	42.63
Crude Oil Basis (Bbl)
Q2 2021	435,000	$	0.40	$	—	$	—
Q3 2021	435,000	$	0.40	$	—	$	—
Q4 2021	435,000	$	0.40	$	—	$	—
2022	240,000	$	0.70	$	—	$	—

Schedule of Derivative Instruments Location and Fair Value

The following table presents the location and fair value of the Company’s derivative contracts included in the accompanying consolidated balance sheets as of March 31, 2021 and September 30, 2020.

	March 31, 2021
Balance Sheet Classification	Gross Fair Value		Amounts Netted		Net Fair Value
	($ in thousands)
Current derivative assets	$	764	$	(412)	$	352
Non-current derivative assets	698		(134)		564
Current derivative liabilities	(14,722)		412		(14,310)
Non-current derivative liabilities	(6,210)		134		(6,076)
Total	$	(19,470)	$	—	$	(19,470)
	September 30, 2020
Balance Sheet Classification	Gross Fair Value		Amounts Netted		Net Fair Value
	($ in thousands)
Current derivative assets	$	19,690	$	(871)	$	18,819
Non-current derivative assets	4,651		(1,549)		3,102
Current derivative liabilities	(871)		871		—
Non-current derivative liabilities	(1,549)		1,549		—
Total	$	21,921	$	—	$	21,921

Schedule of Changes in Derivatives, net

The following table presents the Company's derivative activities for the three and six months ended March 31, 2021 and 2020:

	Three Months Ended March 31,				Six Months Ended March 31,
	2021		2020		2021		2020
	($ in thousands)
Fair value of net asset (liability),     beginning of period	$	2,839	$	(3,632)	$	21,921	$	14,959
Gain (loss) on derivatives	(24,903)		69,239		(38,812)		51,204
Settlements on derivatives	2,594		(4,936)		(2,579)		(5,492)
Fair value of net asset (liability),     end of period	$	(19,470)	$	60,671	$	(19,470)	$	60,671

Derivative Instruments, Gain (Loss)

The Company recognized settlements and changes in the fair value of its derivative contracts as a single component of other income (expenses). The following table disaggregates the Company's gain (loss) on derivatives presented in the condensed consolidated statement of operations for the three and six months ended March 31, 2021 and 2020:

	Three Months Ended March 31,				Six Months Ended March 31,
	2021		2020		2021		2020
	($ in thousands)
Settlements on derivatives	$	(2,594)	$	4,936	$	2,579	$	5,492
Unrealized gain (loss) on derivatives	(22,309)		64,303		(41,391)		45,712
Gain (loss) on derivatives	$	(24,903)	$	69,239	$	(38,812)	$	51,204